Tuesday, September 16, 2008

"The Worst Financial Crisis Since the Great Depression"

Nouriel Roubini:

# This is by far the worst financial crisis since the Great Depression, not as severe as the Great Depression but second only to it.
# At the end of the day this financial crisis will imply credit losses of at least $1 trillion and more likely $2 trillion. The financial and banking crisis will be severe and last several years leading to a severe and persistent liquidity and credit crunch.

There are dozens more statements just like that, most with documentation backing them up. Roubini spins a very depressing scenario, but not a surprising one. What do you think happens when greed is held up as a value, regulations are shredded, and a Bush is in the White House?


Michael Faris said...

I think Baudrillard was right that we're a society without values. Cynics to the max.

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